A 792 square feet flat at City Garden in North Point sold for HK$12.28 million last week, 5.5 per cent lower than the banks’ valuation of about HK$13 million. Photo: May Tse
Hong Kong property prices expected to slide further as fears of protests remain despite pan-democrats’ thumping election win
- Property owners continue to reduce prices to fund their emigration plans
- A survey conducted by University of Hong Kong shows more than half of the respondents expect property prices to fall further
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Hong Kong property
A 792 square feet flat at City Garden in North Point sold for HK$12.28 million last week, 5.5 per cent lower than the banks’ valuation of about HK$13 million. Photo: May Tse
The Paseo in Jordan, developed by Rykadan Capital. Photo: Handout
Hong Kong’s higher mortgage cap deters at least one developer from building micro-flats as buyers can now afford larger homes
- Micro-apartments, defined as those smaller than 200 square feet (18.6 square metres), are unsustainable as investments, and are the most prone to any declines in property prices, said Rykadan Capital
- The developer reported sales of HK$390 million from 66 units of micro apartments at The Paseo in Jordan in 2015
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Hong Kong property
The Paseo in Jordan, developed by Rykadan Capital. Photo: Handout